El Salvador’s President Bukele Establishes a Special Agency for Bitcoin-Related Matters
The National Bitcoin Office will be a dedicated administrative organization responsible for overseeing all cryptocurrency-related initiatives.
El Salvador’s president, Nayib Bukele, mandated the establishment of the National Bitcoin Office, an entity responsible for all Bitcoin-related matters.
El Salvador is becoming the face of Bitcoin acceptance worldwide. More than a year has passed since the Central American nation approved Bitcoin as official cash. Since November 18, the nation has begun purchasing one Bitcoin every day. El Salvador submitted a digital asset issuance law for bitcoin adoption on Wednesday. It describes the official expansion of a legal framework for the acceptance of all cryptocurrencies in the nation.
According to a LinkedIn post by Torres Legal, El Salvador’s government established the National Bitcoin Office (ONBTC) to oversee all cryptocurrency-related matters. Torres Legal is a collection of El Salvador-based attorneys engaged in commercial and financial activities.
The President of El Salvador and the Ministry of Tourism both signed Decree No. 49, which was published in the Official Gazette on November 17. ONBTC will also work with other governments on cryptocurrency-related concerns.
The LinkedIn post states, “Article 2 establishes the aim of the ONBTC, which is to create, diagnose, plan, program, coordinate, follow up, measure, analyze, and evaluate Bitcoin-related plans, program, and projects for the economic growth of the nation.”
In addition, the ONBTC will facilitate discussions between people and the President about the deployment of Bitcoin and blockchain technology in the nation. Stacy Herbert, a writer and producer of American descent, was also active in establishing the ONBTC. She encourages her fans to follow the Bitcoin Office’s official Twitter account.